From: RegTech Analyst
NayaPay has picked up a licence to begin operations in Pakistan from the country’s central bank.
The upcoming e-money company is only the second company to be granted such a permission from the State Bank of Pakistan, according to Propakistani.
This will enable NayaPay to launch a pilot of the service and sign up users, all under the supervision of the State Bank of Pakistan.
The news comes as Pakistan is working hard to raise its reputation when it comes to fighting money laundering.
The Financial Action Task Force (FATF) has previously placed the nation on its grey list, but the country is hoping to get off the less than flattering list after Pakistan improved its foreign and internal policies.
The country’s defence minister Pervez Khattak said in February that the government was working to improve the financial ecosystem, with a focus on reducing inflation, unemployment and poverty.
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